Trump's tariff pause is set to expire, threatening a trade war flare-up

President Donald Trump’s trade war risks reigniting next week when a temporary pause on sweeping tariffs is set to expire, potentially driving up costs for businesses and raising prices for consumers

President Donald Trump’s trade war risks reigniting next week when a temporary pause on sweeping tariffs is set to expire, potentially driving up costs for businesses and raising prices for consumers.

While Trump and administration officials recently indicated the deadline might be pushed back, the president told reporters Tuesday that he wasn’t planning an extension and is informing countries of their new tariff rates. He said it has been harder than planned to make trade deals with a number of foreign governments because they are “spoiled from having ripped us off for 30, 40 years.”

“We’re going to determine a number just very simply, write them a nice letter,” Trump said aboard Air Force One. “Probably one page or a page and a half at the most, and it’s going to be essentially, ‘Congratulations. It’s going to be an honor to allow you to go and do business in the United States of America,’ because it really is an honor to be able to do that.”

Trump said Wednesday that he had reached a trade agreement with Vietnam in which U.S.-based companies will have to pay a 20% tariff on Vietnamese goods and a 40% tariff on goods routed through Vietnam from other countries. Vietnam agreed to not to charge any tariffs on U.S. goods.

The tariffs, announced with great fanfare during an April event the White House dubbed “Liberation Day,” imposed levies on dozens of countries. They included a tariff of 24% on Japanese imports and a 20% tariff on products from the European Union. At the time, Trump said the duties would end decades of the U.S. being “looted, pillaged, raped and plundered” by trading partners.